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    Laurie Hunsicker • Seaport Research Partners

    Laurie Hunsicker's questions to Eastern Bankshares Inc (EBC) leadership

    Laurie Hunsicker's questions to Eastern Bankshares Inc (EBC) leadership • Q2 2025

    Question

    Laurie Hunsicker of Seaport Research Partners asked for the June spot margin, details on maturing criticized office loans, the expected impact of the proposed FASB ASU on the CECL 'double count' for the Harbor One deal, and the company's M&A appetite for markets like New Hampshire or Maine.

    Answer

    CFO David Rosato provided a normalized June spot margin of 3.55% and confirmed one criticized office loan is maturing in the next year, but no NPLs. He stated the FASB rule, if adopted, would apply only to the Harbor One deal, making it 1-1.5% less accretive. CEO Denis Sheahan reiterated that Eastern is already strong in New Hampshire and plans to grow there, but has no current strategic plans to expand into Maine.

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    Laurie Hunsicker's questions to Brookline Bancorp Inc (BRKL) leadership

    Laurie Hunsicker's questions to Brookline Bancorp Inc (BRKL) leadership • Q2 2025

    Question

    Laurie Hunsicker of Seaport Research Partners asked for the spot net interest margin for June, details on the Boston office portfolio, the status of deteriorating office loans, the driver behind the increase in C&I non-performers, and the quantitative impact of the new FASB ASU rule on tangible book value, accretion, capital deployment, and the post-merger dividend.

    Answer

    Co-President and CFO Carl Carlson provided the June spot margin of 3.39% and stated the Boston office exposure is $154 million. He detailed that the FASB rule change would eliminate a ~$71 million after-tax charge, significantly improving capital and the deal's earn-back period, and confirmed they would be early adopters. He also identified an $11 million credit related to fitness equipment as the cause for the rise in C&I non-performers. Chairman & CEO Paul Perrault added that the deteriorating office loans are well-sponsored but leasing up slowly. Carlson confirmed the post-merger dividend would be adjusted to be on par with Brookline's current payout.

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    Laurie Hunsicker's questions to Brookline Bancorp Inc (BRKL) leadership • Q4 2024

    Question

    Laurie Hunsicker of Seaport Research Partners asked for specifics on credit, including the total reserve on the office loan book and office nonperformers. She also inquired about the composition of charge-offs, the runoff and reserve levels for the specialty vehicle portfolio, the 2025 tax rate outlook, and the spot net interest margin for December.

    Answer

    CFO Carl M. Carlson provided several key metrics: the general reserve on the office book is 2.23%, the specialty vehicle reserve is 2.6%, and the 2025 tax rate is projected at 24.25%. He also corrected an earlier statement, clarifying a large charge-off was a grocery loan, not laundry, and that specialty vehicle charge-offs were $1.1 million. He confirmed the specialty vehicle runoff is on track. Chairman and CEO Paul A. Perrault added that office nonperformers are minimal. Mr. Carlson reported the December spot margin was 3.10%.

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    Laurie Hunsicker's questions to Berkshire Hills Bancorp Inc (BHLB) leadership

    Laurie Hunsicker's questions to Berkshire Hills Bancorp Inc (BHLB) leadership • Q2 2025

    Question

    Laurie Hunsicker of Seaport Research Partners inquired about Berkshire's net interest margin, credit quality, non-interest income, tax rate, and the pending merger with Brookline Bancorp. Specific questions covered the spot NIM for June, the timing of FHLB borrowing reductions, details on C&I non-performers, the Firestone portfolio's health, the presence of rent-controlled loans, the source of strong loan-related fees, the outlook for SBA loan gains, the normalized tax rate, and the potential impact of new CECL accounting rules on the merger's tangible book dilution and closing timeline.

    Answer

    EVP & CFO Brett Brbovic stated the June spot NIM was 3.22% and that FHLB borrowing reductions were gradual, tied to deposit growth. He also noted BOLI gains were $800,000 above normal and projected a normalized tax rate of 24-25%. On the merger, he explained the impact of the new accounting standard is still being analyzed. Senior EVP & Chief Risk Officer Gregory Lindenmuth addressed credit, attributing the C&I NPL increase to a few small credits and confirming no exposure to rent-controlled loans. President & COO Sean Gray added that the SBA loan gain outlook is between Q1 and Q2 levels. CEO Nitin Mhatre confirmed the merger closing is still expected in September, pending regulatory approval.

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    Laurie Hunsicker's questions to Washington Trust Bancorp Inc (WASH) leadership

    Laurie Hunsicker's questions to Washington Trust Bancorp Inc (WASH) leadership • Q2 2025

    Question

    Laurie Hunsicker of Seaport Research Partners questioned several financial details, including the nature of BOLI income, drivers of the net interest margin, the timing of sale-leaseback expenses, de novo branch plans, multifamily loan exposure, specifics on non-performing loans, and the rationale behind capital management decisions like share buybacks.

    Answer

    SEVP, CFO & Treasurer Ronald Ohsberg confirmed no one-time items in BOLI, provided a June spot NIM of 2.38%, and stated the sale-leaseback expense was fully reflected in Q2. He also noted one de novo branch is planned for mid-2026. SEVP & Chief Risk Officer William Wray provided details on credit, confirming no NYC rent-controlled exposure and discussing a new $11M C&I non-performer that is appropriately reserved. Regarding capital, Chairman & CEO Edward Handy and Mr. Ohsberg explained that despite the stock price, the current focus is on capital preservation over share repurchases.

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    Laurie Hunsicker's questions to Independent Bank Corp (Massachusetts) (INDB) leadership

    Laurie Hunsicker's questions to Independent Bank Corp (Massachusetts) (INDB) leadership • Q2 2025

    Question

    Laurie Hunsicker of Seaport Research Partners asked a series of detailed questions covering specific non-performing loans, the increase in criticized office loans, net interest margin drivers, the accounting impacts of the Enterprise acquisition on tangible book value, and the company's M&A appetite.

    Answer

    CFO Mark Ruggiero provided specifics on several office loans, including a new $700k reserve on one property and constructive workouts on others. He also noted the June spot margin was 3.44% and detailed how potential CECL rule changes could impact tangible book value dilution. CEO Jeffrey Tengel stated that M&A is not a current priority, with focus remaining on the Enterprise integration and organic growth.

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    Laurie Hunsicker's questions to Independent Bank Corp (Massachusetts) (INDB) leadership • Q4 2024

    Question

    Laurie Hunsicker asked for the December spot margin, details on a $30 million non-accrual loan, the baseline for the 2025 expense guidance, and the drivers behind the linked-quarter increase in 'other' expenses.

    Answer

    CFO Mark Ruggiero provided the December core spot margin of 3.33% and confirmed the ~$404.7 million core noninterest expense figure is the correct baseline for 2025 guidance. Regarding the $30 million loan, Ruggiero and Executive Jeffrey Tengel noted no specific reserve has been taken, an appraisal is pending, and occupancy could return to ~80%. Ruggiero attributed the rise in 'other' expenses to unrealized securities losses, higher consulting fees, and outsized check fraud losses.

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    Laurie Hunsicker's questions to Webster Financial Corp (WBS) leadership

    Laurie Hunsicker's questions to Webster Financial Corp (WBS) leadership • Q2 2025

    Question

    Laurie Hunsicker from Seaport Research Partners asked for the average price of Q2 share buybacks and requested the debt service coverage and maturity details for the rent-regulated multifamily loan portfolio.

    Answer

    Senior EVP & CFO Neal Holland reported the Q2 share repurchases were made at an average price of $51.69. Chairman & CEO John Ciulla provided the portfolio's current debt service coverage ratio of 1.56x and stated that upcoming maturities are considered normal course of business.

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